Ferrari confirms quit threatFerrari issued a statement this afternoon following their failed bid to stop the FIA introducing a voluntary budget cap to F1 in 2010. This is what the statement said.

Ferrari statement in full:“Ferrari has noted the verdict of the Tribunal de Grande Instance with regards to the request to suspend with all haste the consequences of the decision taken by the FIA World Council on 29th April.

“The existence and validity of Ferrari's right of veto, as sanctioned in a written agreement with the FIA Senate, were recognized by the Court, as was the fact that this dispute is of a contractual nature. Consequently, it was also recognized that the dispute was not a matter for the internal tribunal of the FIA, but rather a matter for normal civil courts. The Court believed that the right of veto should have been exercised during the World Council meetings of 17th March and 29th April. It therefore chose to let the civil law courts rule on the urgency of the matter.

“Such a decision, which is not prejudicial to the outcome of the matter, allows the FIA to impose on those teams entered in the 2010 world championship, regulations that have been drawn up unilaterally without respecting the agreed procedures. In the final analysis, Ferrari has been forced to use its right of veto, in defense of its own interests and those of all the teams participating in the Formula 1 World Championship.

“While continuing to evaluate whether or not to continue with this legal action already underway, Ferrari confirms its commitment to work within FOTA in conjunction with the FIA and the Commercial Rights Holder to ensure that Formula 1 is a series where the rules are the same for everyone and which benefits from stability in the regulations, while continuing the work of the past few months in moving forward methodically and gradually towards reducing costs.

“If it is not possible for all parties to reach agreement, then in line with the decision of the Main Board, taken on 12th May, Ferrari will not enter its cars in a competition that, with the planned scenario in place, would see a watering down of the characteristics that have endowed Formula 1 with the status of the most important motor sport series and that have specifically led to the Maranello marque's uninterrupted participation in the world championship since 1950. In this situation, Ferrari will continue to compete in races of a caliber worthy of the marque, matching its level of innovation and technological research.” Source: Ferrari F1

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